PENCOM MANDATES PENSION CLEARANCE CERTIFICATE FOR PFO VENDORS AND OWNERS
GREATRIBUNETVNEWS–THE National Pension Commission (PenCom) has reiterated that parent companies, subsidiaries, and institutional shareholders of licensed pension fund operators (PFOs) must possess a valid Pension Clearance Certificate (PCC). The Commission also requires vendors and service providers engaged by PFOs to comply with the PCC requirement.
THIS POST IS SPONSORED BY SHELL NIGERIA
Key Directives:
– PCC Requirement:PFOs must ensure vendors and service providers present a valid PCC before entering into any service level or technical agreement.
– Compliance Attestation:Counterparties must execute a compliance attestation, confirming enforcement of PCC requirements across their vendor network.
– Implementation Timeline:PFOs have six months to enforce compliance across their vendor networks, parent companies, subsidiaries, and institutional shareholders.
PenCom’s Objective:
– Improved Compliance:Enhance pension coverage and compliance with the Pension Reform Act 2014.
– Strengthened Enforcement:Ensure employers fulfill pension obligations to employees
